MeritValue

Paramount Skydance Corp

PSKYdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Paramount Skydance Corp earns about -20% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024
Revenue$29.7B1$29.2B1
Net income−$608M2−$6.19B2
Operating cash flow$475M3$752M3
Capital expenditure$328M4$263M4
Free cash flow (derived)$147M3$489M3
Total debt—$05
Cash & equivalents—$2.66B6
Diluted shares652.0M664.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$245.78
your share of equity
Profit it earned you last year
−$93.22
Free cash flow it threw off
$7.36
Debt you’d be carrying
$0

10 shares is a claim on $245.78 of net worth that earned you −$93.22 and generated $7.36 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 2y
FY23 -4%FY24 -36%

It earned an average -20% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0002041610-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0002041610-26-000011 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0002041610-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0002041610-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0002041610-26-000011 (CommercialPaper)
  6. 10-K · period ending 2024-12-31 · accession 0002041610-26-000011 (CashAndCashEquivalentsAtCarryingValue)